Allstate has paid out more than $1.2 billion to victims of two devastating wildfires in California.
The Northbrook-based insurer on Wednesday announced estimated November losses of $685 million before taxes, including an estimated $670 million related to the Camp Fire in Northern California and the Woolsey Fires near Los Angeles. That's despite cutting in half the number of policies Allstate issues in California over the past decade. Part of the losses tied to the California fires will be covered by reinsurance, which is a form of insurance that insurance companies buy.
In a news release, Allstate Corp. CEO Tom Wilson noted that 7,500 wildfires in California this year, two hurricanes on the East Coast and other severe weather events across the country have put "customers in danger and at risk of losing their homes and hard-earned money." But he stopped short of attributing those events to a changing climate.
"It's time to address the impact that more severe weather is having on Americans instead of fighting about climate change. ... It is now time to come up with longer term solutions, such as ensuring power lines are properly maintained, homes have natural fire barriers and building codes reflect increased severe weather," Wilson said in the release.
Allstate previously announced $202 million in estimated pretax losses for October, bringing losses for the past two months of October and November to $887 million before taxes.